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Binance nft Marketplace will end all support for bitcoin nfts starting this month amid downward market trends.
Starting April 18 Binance nfts will not accept transactions or deposits for bitcoin-based nft collections. The platform has published a guide for its users, urging them to transfer their bitcoin nfts off the market using the bitcoin network before May 18.
Binance will also automatically cancel all affected listing orders on the mentioned date. The marketplace also stated that after April 10, it will no longer support airdrops, benefits, or additional features tied to bitcoin nfts.
Regarding Runestone nfts, the exchange reported that those eligible for the Runestone airdrop had received nfts in their Binance accounts. However, holders must withdraw these nfts by next Wednesday to access the related tokens, utilities or benefits.
Binance stated that its decision was largely driven by a desire to streamline the exchange's offerings. nfts market data shows that the number of unique buyers and overall trade volume have decreased significantly despite a brief recovery in the fourth quarter of 2023.
Declining market activity and recent criticism of bitcoin nfts causing network congestion likely contributed to Binance's decision.
